The renowned Thai coconut's popularity in China has surged, thanks to its use in various Chinese food and drink items. This increased demand stems from the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement, which has been in effect since January 1, 2022.
The RCEP, encompassing 15 Asia-Pacific nations, has provided considerable benefits to Thai industries. Tariff reductions have spurred trade and investment growth among RCEP member countries, with Thailand's trade increasing by 7.11% in 2022.
China-Thailand trade collaboration has seen a boost, with bilateral trade hitting 105.1 billion dollars in the first ten months of 2023. China remains Thailand's primary trading partner and biggest agricultural export market.
Thai durian has evolved from a specialty fruit to a mainstream product in China. Mo Jiaming, a Nanning-based fruit dealer, highlighted the benefits of the RCEP agreement and the growth opportunities presented by the rising demand for Thai coconuts in China.
The Belt and Road Initiative (BRI) and the RCEP have facilitated diversified trade and transportation modes, enabling more Thai products to reach the Chinese market at competitive prices. The China-Laos Railway, a flagship BRI project, has significantly improved the transportation time of fresh Thai durians from Thailand to southwest China.
Increased availability and variety of Thai products in local supermarkets have been noted by Chinese consumers. The RCEP agreement has further strengthened the industrial chains between China and Thailand, presenting new opportunities for businesses.
Source: english.news.cn